PM Modi's vision for Aatmanirbhar Bharat is to strengthen local production, manufacturing-based exports: Anurag Thakur

New Delhi [India], July 16 : Minister of State for Finance and Corporate Affairs Anurag Thakur on Thursday said Prime Minister Narendra Modi's vision of Aatmanirbhar Bharat is to strengthen local manufacturing and manufacturing-based exports.
Speaking at the Digital Conference & Exhibition on Aatmanirbhar Bharat - Renewable Energy Manufacturing organised by the Confederation of Indian Industry (CII), Anurag Thakur said, "PM Modi has given us a clarion call when he gave us the vision of Aatmanirbhar Bharat. It does not mean closing down the economy, rather it means strengthening our manufacturing and strengthening manufacturing-based exports."
He added that geopolitical issues make the cost of fossil fuels unstable and India needs to hedge these costs while staying committed to the global climate change commitments.
He also expressed his concern that crude oil imports alone account for 20 per cent of the Indian merchandise imports. "India's fiscal deficit is huge. Strengthening domestic manufacturing and shift to renewable energy is a fiscal necessity." In 2019, India was ranked the fourth most attractive market in terms of renewable energy. The government is taking several steps in this direction that has established India as the 3rd largest solar market in India.
By saying that, he also recognised that the manufacturing of Renewable Energy (RE) components is in its nascent stage. India currently imports close to 80 per cent of solar cells and modules from China. Installing large capacities in India will require indigenous manufacturing to be boosted.
Thakur further said, "Financial support is being given by MNRE for setting up solar power plants. FDI inflow has increased to USD 42 billion, almost five times what it used to be in 2014. USD 5.85 billion has been invested for RE evacuation. The sector has seen strong participation from the private sector which has supported this growth."
"The government is committed to providing handholding and security to Indian manufacturing companies - providing long term policies for investment security. Centre plans to impose 20 per cent Basic Customs Duty on solar components to be able to provide a springboard to the domestic manufacturing sector in renewable energy," he added.